Erickson Air-Crane plans $165 million credit facility via Wells Fargo

By Sara Rosenberg

New York, March 7 - Erickson Air-Crane Inc. has received a commitment for an up to $165 million senior secured credit facility, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Wells Fargo Bank is leading the deal.

The facility consists of a $115 million term loan and an up to $50 million revolver.

Proceeds will be used to refinance an existing credit facility June 24, 2013, comprised of a $65 million term loan and a $67.5 million revolver, to repay $15 million of outstanding subordinated notes and to finance corporate development opportunities, including the planned acquisition of the Air Amazonia aerial services business from HRT Participacoes em Petroleo SA.

Closing on the $65 million to $75 million acquisition is expected in the second quarter.

Erickson Air-Crane is a Portland, Ore.-based operator and manufacturer of the powerful heavy-lift Erickson S-64 Aircrane helicopter.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.